This morning Prime Minister Justin Trudeau announced significant financial measures to support Canadians through the COVID-19 issue.
The federal government has pledged $82 Billion to support the Canadian economy.
That includes $27 Billion dollars in direct support, $55 Billion in tax deferrals.
Federal Finance Minister Bill Morneau says COVID-19 emergency funds should start coming in the next 2-3 weeks.
There will also be a temporary wage subsidy for small businesses in Canada, designed to help keep Canadians on the payroll through this difficult time. It will be equal to 10% of wages paid to employees, for the duration of 3 months.
There’s also an update to tax season; if you file a return and owe the CRA money, you now have until August 2020 to pay those taxes.
With school and daycare closures, the federal government will temporarily boost the Canada Child Benefit (CCB) within the next coming months.
In order to help lower-income people, the government will supplement the GST credit (a tax-free payment sent to low-income Canadians every few months) to offset the consumer tax they pay. Every adult who qualifies will receive up to $300, with $150 for every child.
The federal government also plans to set up an Indigenous Community Support Fund to support the immediate needs of First Nations, Inuit, and Metis communities.
The Prime Minister and U-S President Donald Trump revealed that the Canada US border will be shut down to all but essential traffic in both directions, to contain the spread of COVID-19.
Prime Minister Trudeau says that details are still being worked out, but expects that it will be closed Friday night or Saturday morning.
Both leaders say trade will not be affected.